Arthur takes a look at Henderson Park, a European real estate platform recently launched by Nick Weber and its new joint venture with Hines which hopes to pursue value added investments in the student accommodation market in Europe.
This is their second joint venture, having acquired the Ledra Marriott hotel in central Athens in June and are looking into their first project to build a 630-bed student housing complex in Lancaster which is to be completed for the 2019/2020 academic year. This complex consists a mix of facilities including a gym, library and a tad of luxury-a cinema space and roof level lounge.
Hines was founded in 1957 and is a privately owned global real estate investment firm that has a presence in 21 countries. Hines has launched an operating platform called Aparto that already consists of 13 student accommodation developments across Ireland and the UK which has a total GDV of over £500m. Historically, Hines has redeveloped/developed or acquired 1,262 properties and the firm’s current property and asset management portfolio includes 529 properties.
Founding partner of Henderson Park, Nick Weber said ”This landmark development in Lancaster represents Henderson’s Park’s first entry into the student living market and the first for this new joint venture with Hines. Lancaster is one of the UK’s top universities and has a large and growing population of domestic and international students but an acute under supply of modern purpose built student accommodation, which this investment will help address. We now look forward to working with Hines to source further interesting opportunities for future investment in this sector across a range of different European cities, where we believe there are also compelling underlying fundamentals.”
CEO of Hines Europe, Lars Huber said ” We are very committed to the student housing sector, and look forward to expanding our growing portfolio in other markets across Europe through this joint venture with Henderson Park. We will be identifying locations with a vibrant and dynamic student populations, working closely with Universities to help meet the increasing demand for high quality, well-managed accommodation.”
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